• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, February 3, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

BOG Reschedules 100th MPC meetings

May 19, 2021
Stephen KotochiebyStephen Kotochie
in Sub Top Stories1, Economy, Sub Top Stories
0
BOG educates the public on dormant accounts

Dr. Ernest Addison- Governor of the Bank of Ghana

The Bank of Ghana has rescheduled the commencement of the 100th Monetary Policy Committee (MPC) meetings to May 26 – 28, 2021. As such, the press conference will now take place on Monday, May 31, 2021 to decide the fate of the policy rate.

However, the MPC Meetings were originally slated for May 19 – 21, 2021. The MPC meets every two months to review development in the Ghanaian economy and then concludes with a press conference.

Currently, the Bank of Ghana has pegged the policy rate at 14.5% since March last year. As such, it is not clear whether the Bank will make any changes to the rate as of now. But, before the Bank takes any decision, it will consider the performance of certain key macroeconomic indicators. These indicators among others include inflation, inflationary expectations, exchange rate movements, and the level of economic activities.

RelatedPosts

Extractive Activities to Support Ghana’s Economic Rebound in 2024- IMF

DDEP: Deadline Further Extended To Tuesday, February 7th, 2023

Economist Advises Government to Stop Depending on Monetary Policy Rate Alone to Fight Inflation

Key macroeconomic indicators

Presently, inflation has eased gradually to single digits at End-April 2021. It now stands at 8.5%, declining from 10.3% in March 2021.   Meanwhile, data from the Ghana Statistical service show that inflation averaged 10.2% in the first quarter of 2021. This is higher than the 10.1% recorded in Q4 2020 but lower than the 11.0% and 10.8% recorded in Q2 and Q3 2020 respectively.

Nevertheless, the current easing of inflation is partly a reflection of the price hikes witnessed exactly a year ago.  Inflation was 10.6% in April 2020. As a result, it fed into the figure recorded in the corresponding month this year when computed on a year-on-year basis.

This is because the pandemic and its containment measures have had a significant impact on the prices of goods and services in the country. In 2020, inflation spiked from single to double digits, peaking at 11.4 percent in July 2020. However, this was mainly as a result of the rise in food prices due to the lockdown measures. It however, eased to 10.4% in December 2020.

Even though it’s still early days, the reduction in inflation may feature predominantly in the MPC discussions.  For April 2021, it is ideal for the Central Bank to focus on the month-on-month inflation rate.  Apparently, we witnessed a rise in month-on-month inflation from 0.9% in March to 1.5% April 2021.

Other indicators

Earlier this week, the First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari revealed that there is improvement in some of the macroeconomic indicators. He stated that business and consumer confidence have bounced back and the exchange rate remains relatively stable.  Moreover, he disclosed that the Bank’s high frequency indicators have rebounded to near pre-pandemic levels.

With almost all indicators picking up beyond their pre-pandemic levels, it is very much likely that the Central Bank may decide to maintain the policy rate. This, is more especially so, because of foreign investors’ holding of government’s bonds. A reduction in the policy rate may not encourage such investors to hold the country’s bonds. Also, price expectations are a bit low coupled with the government’s plans to administer the second dose of the vaccines.

READ ALSO: Commercial Vehicle sales to increase by 9.8% over 2021 in SSA

Tags: 100th MPC meetingsBank of GhanaCOVID-19Dr. Maxwell Opoku-Afariinflation

Related Posts

Extractive Activities to Support Ghana’s Economic Rebound in 2024- IMF
Economy

Extractive Activities to Support Ghana’s Economic Rebound in 2024- IMF

February 3, 2023
DDEP: Deadline Further Extended To Tuesday, February 7th, 2023
Economy

DDEP: Deadline Further Extended To Tuesday, February 7th, 2023

February 1, 2023
Commercial High Court Orders Bank of Ghana to Produce Bank Statement of Capital Bank
Economy

Economist Advises Government to Stop Depending on Monetary Policy Rate Alone to Fight Inflation

January 31, 2023
IMF’s Conditionality Likely To Affect The Execution Of Government’s Flagship Projects
Economy

IMF’s Conditionality Likely To Affect The Execution Of Government’s Flagship Projects

February 1, 2023
BoG Discloses A Decline In Bank’s Profitability by 18.9% to GH¢3.9 billion in 2022
Finance

BoG Discloses A Decline In Banks Profitability By 18.9% To GH¢3.9 billion In 2022

January 30, 2023
BoG’s Frequency Indicator Measures Ghana’s Economy As Moderate, Suggest Fiscal Measures To Aid In Debt Sustainability
Finance

BoG Measures Ghana’s Economy As Moderate, Suggest Fiscal Measures To Aid In Debt Sustainability

January 30, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

President has an idea of persons behind galamsey- Inusah Fuseini

Next Post

Pelosi calls on world leaders to boycott China 2022 Winter Olympics

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
‘Stir It Up’ Is One Of The Biggest Highlights Of My Career – Sarkodie
Entertainment

‘Stir It Up’ Is One Of The Biggest Highlights Of My Career – Sarkodie

by Esther Korantemaa OffeiFebruary 3, 2023
NATO Urges Russia To Respect Nuclear Treaty With The US
Europe

NATO Urges Russia To Respect Nuclear Treaty With The US

by Comfort AmpomaaFebruary 3, 2023
Cocoa Farmers in Côte d’Ivoire Get Electronic Cards to Track the Cocoa Beans to Ensure Fair Prices
Africa

Cocoa Farmers in Côte d’Ivoire Get Electronic Cards to Track Cocoa Beans to Ensure Fair Prices

by Stephen M.CFebruary 3, 2023
BoG Publicizes Indicative Rates, Not Transactional Rates- 1st Deputy Governor
Finance

BoG Publishes Indicative Rates, Not The Central Bank’s Forex Rates-  1st Deputy Governor

by Gifty BansahFebruary 3, 2023
GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000
Banking

GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000

by Priscilla Dziedzorm FiakpornuFebruary 3, 2023
AGI welcomes establishment of National Development Bank
Vaultz Business

AGI Urges PURC To Maintain Tariffs For Beverage Sector Companies

by Angeller AshongFebruary 3, 2023
‘Stir It Up’ Is One Of The Biggest Highlights Of My Career – Sarkodie
NATO Urges Russia To Respect Nuclear Treaty With The US
Cocoa Farmers in Côte d’Ivoire Get Electronic Cards to Track the Cocoa Beans to Ensure Fair Prices
BoG Publicizes Indicative Rates, Not Transactional Rates- 1st Deputy Governor
GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000
AGI welcomes establishment of National Development Bank
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In